Landbay teams up with mortgage broker network

Summary List Placement

With this move, the buy-to-let mortgage lending platform is partnering with one of the largest mortgage and protection networks in the UK, dubbed Primi Mortgage Network, per AltFi.

Under the partnership, brokers that are part of Primi’s network will be able to access Landbay’s range of specialist buy-to-let mortgages to cater to clients including portfolio and first-time property owners. Additionally, brokers and their property owner clients in Primi’s network will be able to access Landpay’s products through its online portal, including its technology-enabled decision principle (DiP), which can make mortgage decisions in as little as 2 minutes. Since 2014, Landbay has lent over £625 million ($798 million) with over 2,500 mortgages.

With the partnership, Landbay significantly enhances its distribution channel, which will further help grow its business. It comes after Landbay announced a funding partnership with an unnamed UK bank in July, in which the bank will hold the former’s mortgages on its balance sheet.

This lets Landbay increase its institutional funding and launch new products. Additionally, Landbay recently upped its maximum loan sizes from £1 million ($1.3 million) to £1.5 million (1.9 million), while also reducing certain mortgage rates. By partnering …read more

Source:: Businessinsider – Finance


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